Monitise (LON:MONI) today reported that revenues in the six months to 31 December soared 207% to £5.3 million, while gross margins rose from 54% to 62%.
However, the mobile banking company’s operating losses increased from £6.9 million to £7.9 million and pre-tax losses rose from £6.7 million to £8.7 million.
The company now has 3.5 million registered customers across the group at today's date, more than double the number at December 2009.
The report also said that Monitise UK has generated a profit in H1, six months ahead of the management’s target.
Cash balance stood at £33.7 million at 31 December 2010.
The company has signed commercial partnerships, which include the Mobile Money Network with Best Buy Europe and Charles Dunstone, and a partnership announced earlier this month giving Visa Europe a licence to Monitise's mobile technology across Europe.
Monitise expects to sign further partnership deals and to see its total live operations generate profits and cash in the second half.
“We have started the second half with confidence and are well placed to further develop our global mobile banking, payments and commerce services for clients.
I am particularly pleased to see our European business expand through our partnership with Visa Europe and the forging of an exciting new partnership in Indonesia, the fourth most populous country in the world.
We anticipate this momentum continuing,” said chairman of Monitise Duncan McIntyre.
Shares in the company climbed 3% after the report was released.